Two weeks ago, when Spain unveiled the specifics of the SAREB, also known as the Spanish Bad Bank initiative, which is simply the haphazardly put together chaotic plan to shift toxic assets from Spain's already insolvent banking sector to a bank that is even more insolvent than all others as it is fulled to the brim with "assets" such as land which has already been discounted by 80%, and backed with Spanish government guarantees, which are largely worthless as the entire country has been on the verge of demanding a bailout for 4 months now, we summarized it simply as follows: "it is ugly - far uglier than many had expected. And while the Spanish government expects private interest to take some of this massively discounted 'crap' off their hands, we have three words: 'deleveraging' and 'no bid!" We were right, although one wouldn't get that impression if one reads the official party line. Here is how Reuters summarized the government's party line: "Spain's bad bank is generating a lot of interest amongst international investors, an economy ministry source said. The bad bank would be possible with only domestic participation but non-resident investors gave the vehicle credibility, the source said." That's a lie. Here is the truth.

The government postponed for a month the launch of the Sareb. The 'bad bank' that will manage real estate assets and real estate loans of nationalized entities not formally ready for December 1, when committed to the European aid program set out in the MOU. To overcome this delay, the Fund for Orderly Bank Restructuring (FROB) will create a society preparatory to meet deadlines and allow time for entering the shareholders, to the difficulties in attracting private investors before 30 November.

In other words, not only was the Spanish government caught lying (hardly notable these days), but just as we expected, over two weeks after the launch of "Sareb" - the latest deus ex which was supposed to offload the need to issue ever more sovereign debt to fund Spain's nationalization of ever more insolvent sectors to private investors, said private investors have taken a long, hard look at the "deal" the Bad Bank offers them and have said "no bid." Oh yes, and so much for "vehicle credibility."

We can't wait to see what other Tim Geithner inspired financial contraptions a broke Spain, and an asset-less Europe, have up their sleeve next.

• TAG LINE :: again, some "fresh" and "exciting"!!! For example, "Poop : it's more than Paper"

• MISSION(ary position) STATEMENT :: No undertaking, no organization is real unless it has a Clear Mission(ary position) for employees and investors! example:"Our challenge is to assertively network economically sound methods of empowerment so that we may continually negotiate performance based infrastructures"or"The Performance Oriented Optimal Paper Mission is to scout profitable growth opportunities in relationships, both internally and externally, in emerging, mission inclusive markets, and explore new paradigms and then filter and communicate and evangelize the findings."

• STATEMENT OF SHARED VALUES :: for example,"We are all one team. Success is about a single, consistent message to our customers” "We are about success and success is about us."

• DECLARATION OF VISION :: When backed by a "fresh" and "exciting" logo and tag-line, VISION is The third essential piece of the "Success Trifecta." Now schedule a "roll-out" which includes an "unveiling" of the new logo with red velvet flourish (breathless gasps and wild applause essential). Lapel pins, coffee cups, mouse pads, etc. should be liberally available to those lucky individuals in attendance. BEACH TOWELS with embossed logos are a sure-fire path to success!BUZZ CREATED!! SUCCESS INSURED!!!!

Spain: just chop it off from Europe and I will be happy. Just detonate the fcking mountains between France and Spain and let Spain float out into the Atlantic. FCK. SPAIN. FCK SPAIN. Let Spain float out to the ocean and get swallowed by the 100,000 JAws-type sharks waiting to eat its stanky pussy. Spain, you have contributed nothing to Western civilization , therefore we must killl you. Goodbye Spain. Goodnight fascist,m Euro-trash, depressed, pick-pocketing Spain. We have no interest in investing in you. FCK YOU.

Actually there are some very nice bits, and our pretty extensive travels within Spain and Portugal were always very pleasant. Very pleasant people, but driving standards were "something to get used to". Bear in mind that Portugal has the highest road mortality rate per user km of any EU Country, and we suspect Spain wasn't so very far behind!

Be careful what you wish for - The Canaries are also Spanish, and very geologically unstable. The predicted major seismic event there (with large chunks of island "falling" into the very deep ocean) would produce the mother of all tsunamis on the US East Coast, and the USGS has assessed this as a significant risk event.